The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of CAD 107,250 on Immeubles Jack Sera Inc., also operating as Royal LePage Classic, a real estate broker in Laval, Quebec. The penalty, issued on November 20, 2024, follows a 2022 compliance examination and relates to non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. The violations included failures to develop and apply written, up-to-date compliance policies and procedures approved by a senior officer, assess and document money laundering and terrorist financing risks using prescribed factors, institute and document an ongoing compliance training plan and deliver training, and conduct the required review of its compliance program.
Financial Transactions and Reports Analysis Centre of Canada 2025-05-01
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 107,250 penalty on Immeubles Jack Sera Inc for AML compliance program failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined Immeubles Jack Sera Inc., operating as Royal LePage Classic, CAD 107,250 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The penalty, issued on November 20, 2024, followed a 2022 compliance examination revealing failures in compliance policies, risk assessment, training, and program review.